Murugappa Group company Tube Investments of India Ltd today reported a marginal increase in its consolidated net profit at Rs 121.10 crore for the fourth quarter ended March 31, 2014.
The city-based company registered consolidated net profits at Rs 118.68 crore during the corresponding period of the previous year, Tube Investments of India said in a BSE filing.
For the year ending March 31, 2014, the consolidated Profit After Tax grew by 13.3 per cent to Rs 517.53 crore from Rs 456.61 crore registered during the same period of the previous year.
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Consolidated total income from operations for the fourth quarter ending Mar 31, 2014 rose to Rs 2,282.56 crore from Rs 2,116.11 crore registered in the same period of the previous year.
For the year ending Mar 31,2014 consolidated total income from operations grew to Rs 8,834.49 crore from Rs 7,751.64 crore registered during the same period of the previous year.
The Board of Directors have recommended a final dividend of Rs 0.50 paise per equity share of Rs 2 each for the year ended March 31, 2014.
The consolidated financial results of the quarter and year ending March 31, 2014 include the result of TI Tsubamex, a 50:50 joint venture between Tube Investments India and Tsubamex Company Ltd, Japan incorporated early this year, it said.
"Despite a challenging environment,the company recorded a growth in revenues and profits in the last quarter. This was a result of company-wide efforts on cost reduction and improved operational efficiencies," Tube Investments of India Managing Director L Ramkumar said.
"TII (Tube Investments India is well positioned to benefit from an expected turnaround in the automobile industry in the coming year. The company continues to invest in capacity balancing and the large diameter tubing project is expected to start production in near future," he said.
